Ukraine Flag NFT Auctioned for $6.7 Million in Campaign to Support Country Against Russian Invasion | Technology

The money raised from the digital flag will be donated to Come Back Alive, a campaign created to support Ukraine’s armed forces.

The item was purchased by 3,271 people, who will share ownership of the digital item. According to records on the NFT trading platform PartyBid, contributions ranged from 0.0001 ether (about US$0.03) to 44 ether (US$128,000).

People who contributed to the campaign will be entitled to a share of the NFT proportional to the amount of their donation. They will also have voting rights on future transactions involving the item.

The NFT sale was organized by UkraineDAO, a group created after the country was invaded by Russia. The initiative recommends that people retain ownership of the digital flag as a “reminder of ongoing humanitarian needs in our world”.

The term NFT is an acronym for non-fungible token. In Portuguese translation it is non-fungible token. Fungible is something that can be replaced, so these tokens, which are electronic codes, are unique, irreplaceable.

NFT is used as a digital seal that provides a certificate of ownership for a photo, video or any type of digital file. But just as it is possible to print a Mona Lisa at home, NFT does not prevent others from copying the file.

NFT: 5 points about the technology that makes a digital file 'unique'

NFT: 5 points about the technology that makes a digital file ‘unique’

About Yadunandan Singh

Born in 1992, Yadunandan approaches the world of video games thanks to two sacred monsters like Diablo and above all Sonic, strictly in the Sega Saturn version. Ranging between consoles and PCs, he is particularly fond of platform titles and RPGs, not disdaining all other genres and moving in the constant search for the perfect balance between narration and interactivity.

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